205 ILCS 700/1
Short title
Short title. This Act may be cited as the Adverse Claims to Deposit Accounts Act. (Source: P.A. 89-601, eff. 8-2-96.)
Illinois Compiled Statutes 205 ILCS 700 — Adverse Claims to Deposit Accounts Act.
Illinois · statute · 205 ILCS 700 · 9 active provisions
Provisions
205 ILCS 700/5
Definitions
Definitions. As used in this Act, the following words have the meaning ascribed to them in this Section. "Financial institution" means a "State bank", "national bank", "trust company", or "insured savings association", as those terms are defined in Section 2 of the Illinois Banking Act. "Deposit account" includes witho…
205 ILCS 700/10
Application of Act
Application of Act. This Act shall not preempt: (1) the Revised Uniform Unclaimed Property Act, nor shall any provision of this Act be construed to relieve any holder, including a financial institution, from reporting and remitting all unclaimed property, including deposit accounts, under the Revised Uniform Unclaimed…
205 ILCS 700/15
Recognition of claims
Recognition of claims. In the absence of a court order or indemnity bond as required by this Act, a financial institution shall not be required to recognize any claim to, or any claim of authority to, exercise control over a deposit account held by the financial institution made by a person other than the depositor. (S…
205 ILCS 700/20
Requirement of court order or indemnity bond
Requirement of court order or indemnity bond. (a) A financial institution shall recognize an adverse claim to, or an adverse claim of authority to control, a deposit account if the person making the claim obtains and serves upon the financial institution a certified copy of an appropriate order, by a court having juris…
205 ILCS 700/25
Other rights
Other rights. This Act shall not displace or otherwise preclude any other rights or remedies, whether at law or in equity, available to a financial institution. (Source: P.A. 89-601, eff. 8-2-96.)
205 ILCS 700/85
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-601, eff. 8-2-96; text omitted.)
205 ILCS 700/90
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-601, eff. 8-2-96; text omitted.)
205 ILCS 700/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 89-601, eff. 8-2-96.)